To avoid any unexpected surprises during tax season, you need to be aware of the tax implications of renting vacation homes. If the vacation home was used as an investment, a 1031 exchange might be possible. If the vacation home was used as a primary residence, it may not be eligible.
Airbnb has had a significant impact on the global hospitality and travel markets over its years of existence. The property market has been affected by Airbnb, which has driven up rents as well as property prices. A mere 1% increase of Airbnb listings has resulted in 0.026% more housing prices. This, when you consider that the median year-on year growth rate in Airbnb listings was around 28%, results in approximately 5.7% price growth year-over year.
Photos you promote are the first impression potential buyers have when visiting your home. You can sell your property faster by hiring a professional photographer to help generate greater interest than other potential buyers.
Demonstrate the potential earnings for your Airbnb property and the future returns it can bring. They can make as much as they want if they rent the property through an agent, or list it through a management company. You will need to take the time to make it easy to understand and attractive to the eye. However, you must not forget the most important numbers and details.
It's unlikely that you will want or use any furnishings as a vacation rental. Take some time to look around the property, and write down what you want to keep and what you might include in the sale.
After you have signed a copy of the sale contract and know the date the property will be sold, it is time to make future bookings. This will depend on what details you have shared with your buyer.
